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Exhibit 99.1
FOR RELEASE THURSDAY, OCTOBER 25, 2018
Investor Contact: | Press Contact: | |
Kenneth Levy Iridium Communications Inc. +1 (703) 287-7570 ken.levy@iridium.com |
Jordan Hassin Iridium Communications Inc. +1 (703) 287-7421 jordan.hassin@iridium.com |
IRIDIUM ANNOUNCES THIRD-QUARTER 2018 RESULTS; COMPANY
RAISES 2018 OUTLOOK
2018 Outlook for Service Revenue Growth Raised to Approximately 14%
2018 Outlook for OEBITDA Raised to Approximately $300 Million
MCLEAN, Va. October 25, 2018 Iridium Communications Inc. (Nasdaq:IRDM) (Iridium) today reported financial results for the third quarter of 2018 and updated its full-year 2018 outlook. Net loss was $12.9 million, or $0.13 per diluted share, for the third quarter of 2018, as compared to net income of $29.3 million, or $0.23 per diluted share, for the third quarter of 2017. This decrease in net income was primarily the result of a $39.2 million increase in depreciation and amortization expense from the year-ago period, reflecting an increased number of Iridium NEXT satellites in service. Operational EBITDA (OEBITDA)(1) for the third quarter was $79.4 million, as compared to $71.8 million for the prior-year period, representing a year-over-year increase of 11% and an OEBITDA margin(1) of 58%. OEBITDA benefitted from higher commercial service revenue and continued strength in equipment sales.
Iridium reported third-quarter total revenue of $136.8 million, which consisted of $105.7 million of service revenue and $31.0 million of revenue related to equipment sales and engineering and support projects. Total revenue increased 17% versus the comparable period of 2017, while service revenue grew by 18% from the year-ago period. Service revenue, which represents primarily recurring revenue from Iridiums growing subscriber base, was 77% of total revenue for the third quarter of 2018.
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